2. Definition of market research: Market research includes all methods to evaluate which foreign markets have the most potential for a business's products.
Market research can be simply defined as follows:
“Market research is the collection and analysis of data about human markets, constraints, distribution channels and participants to better support export marketing decisions”.
There are a number of misconceptions that cause businesses to turn their backs on market research:
First: “Research is the job of intellectuals and academics”
This misunderstanding is partly due to the use of complex, specialized concepts and terminology by some researchers. However, good researchers are well aware that anyone can easily design and conduct market research.
Second: “The partner will conduct all necessary research”
Some exporters believe that they have enough information from their trading partners or expect their partners to conduct research in advance. In addition, some exporters consider market information as a by-product of the accounting system. But the problem is that trading partners often lack a comprehensive, objective assessment of the market and distribution channel development in their country.
Third: “Market research is too expensive”
Market research does not necessarily have to involve conducting surveys, interviewing large numbers of people and performing complex computer analyses which are very expensive, especially when penetrating different EU countries, but can use many less expensive techniques (e.g. office research techniques or internet searches).
Fourth: “Fear of losing control when there is too much information”
Some exporters are too busy and reluctant to follow up on the issue by reviewing all the information and working with research experts. However, most of the research discussed in this book requires a normal temperament and a commitment of time.
Consumer Behavior Research
Researching consumer demographic characteristics is to collect consumer demographic characteristics such as age, gender, educational level, occupation, income, marital status, family size, place of residence, etc. Thereby, to study the relationship between them and their motivations, tastes, attitudes and consumption characteristics.
Mainly conduct research and analysis on motivation, habits, tastes, frequency, time, shopping location, family spending, methods and impacts on consumer purchasing decisions. The research must grasp the following 8 pieces of information:
-Who bought?
Buy what?
– Why buy?
Where to buy?
– When to buy?
How much?
– How to decide to buy?
– Information from which channel?
At the same time, it is also necessary to find out information related to customer psychology and consumer views.
